FinSu IVA

Tag it:

When you are struggling for money with debt repayment it can be very tempting to succumb to so called “easy options” such as ‘pay cheque’ loans or ‘pay day loans’ as they are sometimes called.

These pay day loan services act on the premise that you take out a short-term loan (for a month or so) and you pay them back within a set amount of days. This seems like a good option but whatever ever you do – no matter how strapped for cash you are DO NOT take on any further debt, especially this kind of debt.

Interest rates or (APR) for these kind of loans are extortionately high, on average 50% sometimes as much as 96% - meaning on a £2000 loan you will pay back in excess of £3700 – in one month.

Charges are usually hidden or not explained correctly and these types of schemes are aimed at people struggling with money – they do not aim to help you, like they suggest, they aim to make as much money off you in as short amount of time as possible.

If you are struggling with debt, find help via the correct channels with sensible, free Debt Help from a reputable debt advice agency who can give you honest, impartial advice and will not charge you excess hidden fees for such services.